Avison Young Brokers $25M Refi for Staten Island Mixed-Use Project
Guelda Voien Sept. 26, 2014, 12:59 p.m.
Southport Plaza, a mixed-use office property in Staten Island, refinanced with a $25 million CMBS loan from Barclays Capital, Mortgage Observer has exclusively learned.
Avison Young’s Peter Rotchford and Justin Piasecki arranged the deal, according to a representative for the firm.
Southport Plaza, at 1150 South Avenue, is a 200,000-square-foot mixed-use property that boasts tenants such as Xerox, First Data Corporation and Supreme Chocolatier.
“Avison Young leveraged its depth of lender relationships and knowledge of the New York City real estate market to enable our client to capitalize on the current window of opportunity, as lenders compete for quality properties, and interest rates continue to remain historically low,” Mr. Rotchford said in a statement provided exclusively to MO. “We identified a lender that was impressed with the strength of the sponsor and stable cash flow of the asset, and secured a 10-year CMBS financing at a sub 4 percent interest rate.”
Southport Plaza’s owner, John Wambold, is a Wall Street executive and owner/investor, who works primarily in Long Island and New York City.
Current rents at the building, developed in 1999, run $22 per square foot, according to listings on Loopnet.com.
“I was very impressed with Avison Young’s depth of market knowledge, professionalism and their ability to deliver very aggressive financing options,” Mr. Wambold said. “From the first phone call until the day we funded, they were with us every step of the way, providing information and guidance to get our loan closed at a lower rate than we ever thought we could achieve.”